Given that Pachter seems to be absolutely great at being wrong, even going so far as being around about the 3DS TWICE in as many years (says it's going to have a great first few months, then it has a bad first few months. Says 3DS won't do very well and that Vita will outsell it...Vita flops and 3DS begins selling incredibly well), I think this is great news for gamers and Nintendo fans. Let's not forget Pachter also predicted initial big success for the Wii U.
While I do think the game console may eventually die, I don't see how this can be the last generation. What exactly is going to replace the game console? Smart phones? PCs? The former will never happen simply because phones are not and will never be able to do games as well as consoles, unless console controls become a universal standard in future smart phones, which kind of defeats the purpose of a smart phone's form factor. PCs will never do it for the same reason they haven't already: gaming PCs are more expensive (a trend likely to continue given that Sony and Microsoft have always sold their consoles below manufacturing cost, something a PC manufacturer can't do), less user friendly (if you want to build your own PC) and lack the console exclusives that make Sony and Nintendo platforms so attractive to consumers to begin with.
But hey, who knows where we'll be five or six years from now. Even a broken clock is right twice, and game consoles WILL eventually go the way of the stand alone music player. The question is, when? Looking at those sales predictions, I don't really see HOW this can be the last generation, unless cloud gaming makes some serious advances in the next 6 years,and even things things are pretty heavily dependent on America getting it's act together and building out it's infrastructure, bringing cable internet to many more homes.
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